IPOs to Skip: HomeStreet, Peak Resorts, WhiteSmoke

HomeStreet, Peak Resorts, WhiteSmoke are all IPOs that are better left off the shopping list, according to IPO Desktop's Francis Gaskins.

WhiteSmoke ( WHSM) is the smallest of these three offerings. The company's products, which are offered online, specialize in language translation and improving writing skills.

WhiteSmoke is looking to raise $17 million through the sale of 1.87 million shares at between $8 and $10 each. Gaskins expressed some concern that a company known for its grammar product had an S-1 filing that needed editing.

One positive development for WhiteSmoke is that it entered into a promotion and distribution agreement with Google ( GOOG) for a free trial on Google Chrome. If this new sales and marketing relationship is successful, it would be a positive for the stock.